Technical Analysis

Retests the 100/200 hour MA The USDJPY has moved back toward support after the run higher in the Asian session ran into swing area resistance between 104.028 and 104.089. That area is home to a number of swing highs and lows going back to January 8th. The pair today could not get above despite trying

EUR/GBP buyers put up another defense at 0.8866-67 The pound has slumped to fresh lows on the session, with cable now dropping to 1.3533 and testing a break of the 61.8 retracement level of its recent swing higher @ 1.3547 and also a key trendline support from 21 December (seen below). But the push lower

Gold woke up on the wrong side of the bed following the weekend but is managing to hold up for the time being Precious metals are among the notable movers today with gold having witnessed a drop to near $1,804 to start the day before rebounding by $36 to $1,840 at the start of European

Major indices lower on the week as well The major European indices are closing the week with sharp declines of over 1%. For the week, today’s price action has also increased the declines with the FTSE 100 and Spain’s Ibex the biggest decliners. The provisional closes are showing: German DAX, -1.4% France’s CAC, -1.2% UK’s

Support at 0.88603 to 0.8878. Low in EURUSD moved to 0.88649 today. The EURGBP bounced off key support for the 2nd consecutive day.  Looking at the daily chart, the 0.88603 to 0.8878 area is home to a number of swing levels going back to April 2020.  Yesterday, the low price reached 0.88688 and bounced.  Today the low price reached 0.88649 and

Down $1.21 or -2.26% The price of the February WTI crude oil futures is settling at $52.36. That is down -$1.21 or -2.26%. The high price reached $53.83 the low price extended to $51.83. Looking at the hourly chart, the fall today took the price back below its 100 hour moving average of $52.91, and closer

The EURUSD has traded most of the week below the close from last week The EURUSD closed last week week at 1.22159. The price initially fell on Monday to a low of 1.21315 and formed a bottom between that level and 1.21364 on Tuesday before moving higher, and retesting the close from last week. The high for the

NASDAQ down -0.87% All 3 major indices are ending the day lower. The NASDAQ led the way with a decline of -0.87. Both the S&P index and Dow industrial average never traded above unchanged on the day. The Russell 2000 which outperformed yesterday, underperform today with a decline of -1.46% The final numbers are showing: S&P index -27.29 points or -0.72%

The USD is stronger to start the session As the North American session begins, the JPY is the strongest while the AUD is the weakest of the major currencies. The USD is trading higher after Powell reiterated that the Fed is not ready any time soon to change policy and Biden proposed a $1.9T stimulus

Dow first 2 day losing streak since December 10 The major indices are all closing lower with the S&P index losing the most ground on the day. In contrast the small-cap Russell 2000 is closing at a record. The Dow closed lower for the 2nd consecutive day. This was the 1st 2 day losing streak since December 10. The final numbers

The USD is in the middle with mixed results As North American traders enter for the day, the AUD is a strongest, while the CHF is the weakest.   The USD sits near the middle, with a slight negative bias but also mixed vs. the major currencies.   The biggest declines for the USD is vs the commodity currencies led by the AUD

Wide ranges continue The bitcoin chart is starting to look better. The big drop to $30,100 from $41,986 highlights a couple things: 1) The bitcoin market likes big round numbers. We’ve seen it before and we’ll see it again 2) There’s panic, but no real panic A 28% drop is no joke in any market

AUD/USD falls back to test its key hourly moving averages For bank trade ideas, check out eFX Plus The dollar is keeping firmer on the session as we see the push and pull in the market this week continue to play out. Following the move lower yesterday, the greenback is returning back to favour amid

Major indices rebounds off the lows into the close The major indices opened modestly higher, moved lower into the midday, and rallied back higher into the close before finding some selling at the bell.   The Nasdaq led the way higher with a gain of 0.28%. The Dow was not far behind with a gain of

Gold pushes higher to $1,862 as buyers hold a defense of its 200-day moving average upon the recent drop Besides the pound, precious metals are one of the more notable movers so far on the session as we see gold trade up by 1% from around $1,850 earlier to $1,862 now. Of note, buyers are

The 1st down day in 5 trading sessions for the S&P The major indices in the US are closing all lower. The Dow, S&P snap a 4 day winning streak. The NASDAQ closes down for the 1st time in 3 trading days. The Russell 2000 close lower for the 2nd consecutive day. A look at

EUR/USD keeps lower to start the week as the dollar holds firmer The dollar is looking to post three straight days of gains against the euro for the first time in over a month, as we see a continued retreat in EUR/USD after having hit highs last seen since April 2018 last week. Looking at

EURUSD 100 hour moving average at 1.22825 The EURUSD has moved higher (lower USD) after the we can expected US jobs reports. The price range since the release has seen the price bottom at 1.22335.  The high price (and new high for the day) reached 1.22841. That is just above its 100 hour moving average at 1.22827 (see blue line in the chart